Tech company FLYR welcomes $295m in new funding

Travel technology company FLYR has raised $295m in its latest funding round led by WestCap and featuring investors such as BlackRock and Vista.

The company’s capital boost includes $225m from a Series D round and another $70m in credit from Vista Credit Partners to support the growth of its tech platform, which includes reservation systems and AI-based decision automation. 

Alex Mans, founder and CEO of FLYR, said: “FLYR makes the future possible today – helping travel providers create the experience customers want, while operating with speed and efficiency.

“This capital raise is a testament to the growth FLYR has achieved thus far and we’re excited to continue supporting the world’s largest travel providers at pace.” 

The company said it will primarily use the additional capital, which takes its total funds raised to $500m, to scale its systems and accelerate the delivery of new solutions.

Its modular platform offers a range of solutions for airlines and hospitality companies to process data, improve digital channels by connecting different systems, and increase revenue by informing their decision making.

FLYR is hoping to build on its existing customer base of major airlines including JetBlue, Virgin Atlantic and Avianca, the latter of which is now an investor after participating in the Series D round. 

The funding also deepens the connection between FLYR and WestCap, its largest investor, with the addition of WestCap Founder Laurence Tosi to the company’s board of directors to oversee the scaling of its operations. 

Tosi said: “FLYR delivers the open and dynamic platform the travel industry needs to better serve travelers and expand their services. 

“WestCap is proud to support FLYR with growth capital and operating support as the company leads the modernization of travel.” 

The interest in FLYR continues aviation’s investment in AI solutions as airlines take advantage of the tech industry’s push of the idea to improve their operational efficiency, with carriers like easyJet deploying AI for its integrated control centre.